Consider the following tax rate structures. Is it horizontally equitable? Why or why not? Is it vertically equitable? Why or why not?
Definitions:
Medicare Tax
A tax that funds Medicare, a U.S. government health insurance program for individuals aged 65 and over or with certain disabilities.
Direct Tax
is a type of tax directly imposed on individuals or entities, such as income tax and property tax, which cannot be passed onto others.
Payroll Tax
Charges levied on both employers and employees, typically based on a proportion of the wages that businesses distribute to their workers.
Wage Base
The maximum amount of earnings that is subjected to certain taxes, such as Social Security taxes, within a given time period.
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